China voiced its displeasure on Thursday at US putting dozens of Chinese companies in trade blacklist. The US said on Wednesday that it took this step over national security and foreign policy concerns. While doing so, US cited help given by Chinese companies to Chinese military in its quantum computing efforts.

The blacklist has been maintained&nbsp;by US commerce department. Tensions are growing between China and the US over several issues.

China strongly opposes the sanctions on the Chinese companies, and will lodge solemn representations with the United States, Shu Jueting, a spokesperson for the Chinese commerce ministry, said at a news conference on Thursday.

Commerce Secretary Gina Raimondo said in a statement on Wednesday that the new listings will help prevent US&nbsp;technology from supporting the development of Chinese and Russian "military advancement and activities of non-proliferation concern like Pakistan's unsafeguarded nuclear activities or ballistic missile programme."

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China's embassy in Washington charged that the United States "uses the catch-all concept of national security and abuses state power to suppress and restrict Chinese enterprises in all possible means.

"China is firmly opposed to that," embassy spokesperson Liu Pengyu said.

He said the United States should "follow the spirit" of a virtual meeting between US&nbsp;President Joe Biden and Chinese leader Xi Jinping last week and "meet China halfway instead of going further down the wrong path."

China will take all the necessary steps to defend its companies, and reserves the right to take countermeasures against the sanctions, warned Zhao Lijian, spokesman at the Chinese foreign ministry, at a briefing on Thursday.

The US&nbsp;Commerce Department said Hangzhou Zhongke Microelectronics Co Ltd, Hunan Goke Microelectronics (300672.SZ), New H3C Semiconductor Technologies Co Ltd, Xi'an Aerospace Huaxun Technology and Yunchip Microelectronics were placed on the Commerce Department's entity list for their "support of the military modernization of the People's Liberation Army."

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It also added Hefei National Laboratory for Physical Sciences at Microscale, QuantumCTek (688027.SS) and Shanghai QuantumCTeck Co Ltd to the list for "acquiring and attempting to acquire U.S.-origin items in support of military applications".

The eight Chinese firms were listed to prevent US&nbsp;technology being used to help China develop quantum computing applications for its military.

The Commerce Department wants to stop the Chinese military from developing its counter-stealth technology, which could include equipment like advanced radars, and counter-submarine applications such as undersea sensors. The action also blocks US&nbsp;material from being used to help China break encryption or develop unbreakable encryption, the Commerce Department said.

Suppliers to companies on the entity list will need to apply for a license before they can sell to them, which is likely to be denied.

Separately, the Moscow Institute of Physics and Technology was added to the Commerce Department's military end user list, but the listing did not provide additional information other than it had produced military products.

The entity list has increasingly been used for national security and foreign policy aims since the Trump administration. Chinese telecom company Huawei (HWT.UL) was added in 2019, cutting it off from some key suppliers and making it difficult for them to produce mobile handsets.

(With inputs from agencies)

China voiced its displeasure on Thursday at US putting dozens of Chinese companies in trade blacklist. The US said on Wednesday that it took this step over national security and foreign policy concerns.

China voiced its displeasure on Thursday at US putting dozens of Chinese companies in trade blacklist. The US said on Wednesday that it took this step over national security and foreign policy concerns. While doing so, US cited help given by Chinese companies to Chinese military in its quantum computing efforts. The blacklist has been maintained by US commerce department. Tensions are growing between China and the US over several issues. China strongly opposes the sanctions on the Chinese companies, and will lodge solemn representations with the United States, Shu Jueting, a spokesperson for the Chinese commerce ministry, said at a news conference on Thursday. Commerce Secretary Gina Raimondo said in a statement on Wednesday that the new listings will help prevent US technology from supporting the development of Chinese and Russian "military advancement and activities of non-proliferation concern like Pakistan's unsafeguarded nuclear activities or ballistic missile programme." Also Read | China's official elected in Interpol amid human rights concern China's embassy in Washington charged that the United States "uses the catch-all concept of national security and abuses state power to suppress and restrict Chinese enterprises in all possible means. "China is firmly opposed to that," embassy spokesperson Liu Pengyu said. He said the United States should "follow the spirit" of a virtual meeting between US President Joe Biden and Chinese leader Xi Jinping last week and "meet China halfway instead of going further down the wrong path." China will take all the necessary steps to defend its companies, and reserves the right to take countermeasures against the sanctions, warned Zhao Lijian, spokesman at the Chinese foreign ministry, at a briefing on Thursday. The US Commerce Department said Hangzhou Zhongke Microelectronics Co Ltd, Hunan Goke Microelectronics (300672.SZ), New H3C Semiconductor Technologies Co Ltd, Xi'an Aerospace Huaxun Technology and Yunchip Microelectronics were placed on the Commerce Department's entity list for their "support of the military modernization of the People's Liberation Army." Also Read | Biden thinks he can have it both ways on China. He's wrong It also added Hefei National Laboratory for Physical Sciences at Microscale, QuantumCTek (688027.SS) and Shanghai QuantumCTeck Co Ltd to the list for "acquiring and attempting to acquire U.S.-origin items in support of military applications". The eight Chinese firms were listed to prevent US technology being used to help China develop quantum computing applications for its military. The Commerce Department wants to stop the Chinese military from developing its counter-stealth technology, which could include equipment like advanced radars, and counter-submarine applications such as undersea sensors. The action also blocks US material from being used to help China break encryption or develop unbreakable encryption, the Commerce Department said. Suppliers to companies on the entity list will need to apply for a license before they can sell to them, which is likely to be denied. Separately, the Moscow Institute of Physics and Technology was added to the Commerce Department's military end user list, but the listing did not provide additional information other than it had produced military products. The entity list has increasingly been used for national security and foreign policy aims since the Trump administration. Chinese telecom company Huawei (HWT.UL) was added in 2019, cutting it off from some key suppliers and making it difficult for them to produce mobile handsets. (With inputs from agencies)

China unhappy as US puts Chinese companies on trade blacklist

The Financial Action Task Force (FATF) on Thursday said it would keep Pakistan on its terrorism financing “grey list”.

Global terror financing watchdog said&nbsp;that Pakistan failed to address its strategically important deficiencies, to fully implement the 27 point action plan that the watchdog had drawn up for the Islamic Republic. 
 
<a href="https://www.wionews.com/south-asia/fatf-grey-list-takes-down-pakistan-by-usd-38-billion-report-366261">Also read: FATF grey-list ‘takes down’ Pakistan by USD 38 billion —&nbsp;Report&nbsp;</a> 
 
In an online press briefing from Paris, FATF President Marcus Pleyer said Islamabad had made progress but was yet to complete its action plan to overcome deficiencies in its combating of money laundering and terrorism financing.

The global watchdog had in October last year asked Pakistan, which has been on the FATF grey list over issues related to terror financing, to deliver on all 27 points by this February. 
 
"To date, Pakistan has made progress across all action plan items and has now largely addressed 24 of the 27 action items. As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan before June 2021," FATF said in a statement at the outcome of a plenary that began on Monday.

FATF said Pakistan should continue to work on implementing the three remaining items in its action plan to address its strategically important deficiencies, including "demonstrating effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists, specifically those acting for or on their behalf."

The decision came on the final day of the FATF plenary, where governments around the world and partner organisations, including the UN, IMF and World Bank, discussed key money laundering and terrorist financing issues. 
Pakistan's continuation on the "grey" list means that it will not get any respite in trying to access finances in the form of investments and aid from various international bodies including International Monetary Fund (IMF). The latest decision will now further exacerbate its problems given its perilous financial situation.

Earlier, Dawn had reported that some European countries, especially the host France, had recommended to FATF to continue to keep Pakistan on the "grey list" and had taken the position that not all points had been fully implemented by Islamabad.

Pakistan has been on the FATF's grey list since June 2018 and the government was given a final warning in February 2020 to complete the 27 action points by June in the same year.

Pakistan is facing the difficult task of clearing its name from the FATF grey list. As things stand, Islamabad is finding it difficult to shield terror perpetrators and implement the FATF action plan at the same time.

A research paper by an Islamabad-based think tank recently revealed that Pakistan sustained a total of USD 38 billion in economic losses due to FATF' decision to thrice place the country on its grey list since 2008.

The research paper titled "Bearing the cost of global politics -- the impact of FATF grey-listing on Pakistan's economy" states that that grey-listing events spanning from 2008 to 2019, may have resulted in total GDP losses worth USD 38 billion, The Express Tribune reported.

The report published by Tabadlab said the losses are worked out on the basis of a decrease in consumption expenditures, foreign direct investment and exports.

(With inputs from agencies)

The Financial Action Task Force (FATF) on Thursday said it would keep Pakistan on its terrorism financing “grey list”. Global terror financing watchdog said that Pakistan failed to address its strategically important deficiencies, to fully implement the 27 point action plan that the watchdog had drawn up for the Islamic Republic.

The Financial Action Task Force (FATF) on Thursday said it would keep Pakistan on its terrorism financing “grey list”. Global terror financing watchdog said that Pakistan failed to address its strategically important deficiencies, to fully implement the 27 point action plan that the watchdog had drawn up for the Islamic Republic. Also read: FATF grey-list ‘takes down’ Pakistan by USD 38 billion — Report In an online press briefing from Paris, FATF President Marcus Pleyer said Islamabad had made progress but was yet to complete its action plan to overcome deficiencies in its combating of money laundering and terrorism financing. The global watchdog had in October last year asked Pakistan, which has been on the FATF grey list over issues related to terror financing, to deliver on all 27 points by this February. "To date, Pakistan has made progress across all action plan items and has now largely addressed 24 of the 27 action items. As all action plan deadlines have expired, the FATF strongly urges Pakistan to swiftly complete its full action plan before June 2021," FATF said in a statement at the outcome of a plenary that began on Monday. FATF said Pakistan should continue to work on implementing the three remaining items in its action plan to address its strategically important deficiencies, including "demonstrating effective implementation of targeted financial sanctions against all 1267 and 1373 designated terrorists, specifically those acting for or on their behalf." The decision came on the final day of the FATF plenary, where governments around the world and partner organisations, including the UN, IMF and World Bank, discussed key money laundering and terrorist financing issues. Pakistan's continuation on the "grey" list means that it will not get any respite in trying to access finances in the form of investments and aid from various international bodies including International Monetary Fund (IMF). The latest decision will now further exacerbate its problems given its perilous financial situation. Earlier, Dawn had reported that some European countries, especially the host France, had recommended to FATF to continue to keep Pakistan on the "grey list" and had taken the position that not all points had been fully implemented by Islamabad. Pakistan has been on the FATF's grey list since June 2018 and the government was given a final warning in February 2020 to complete the 27 action points by June in the same year. Pakistan is facing the difficult task of clearing its name from the FATF grey list. As things stand, Islamabad is finding it difficult to shield terror perpetrators and implement the FATF action plan at the same time. A research paper by an Islamabad-based think tank recently revealed that Pakistan sustained a total of USD 38 billion in economic losses due to FATF' decision to thrice place the country on its grey list since 2008. The research paper titled "Bearing the cost of global politics -- the impact of FATF grey-listing on Pakistan's economy" states that that grey-listing events spanning from 2008 to 2019, may have resulted in total GDP losses worth USD 38 billion, The Express Tribune reported. The report published by Tabadlab said the losses are worked out on the basis of a decrease in consumption expenditures, foreign direct investment and exports. (With inputs from agencies)

In setback to Imran Khan, Pakistan stays in FATF ‘grey list’, given June deadline to implement action plan

Financial Action Task Force (FATF), the global terrorism watchdog is likely to continue to keep its eyes on Pakistan as it is unlikely to take it out of the 'grey list', said a news report. FATF keeps global money laundering and terrorism financing under check. FATF placed Pakistan on 'grey list' in June 2018 and asked it to implement a plan of action to curb money laundering and terror financing by the end of 2019.

FATF 's virtual plenary meeting is set to begin today (February 22). It will go on till February 25. A decision is likely to be taken on the fate of Pakistan in this meeting.

In the last plenary held in October 2020, the FATF concluded that Pakistan will continue in its 'grey list' till February 2021 as it has failed to fulfil six out of 27 obligations of the global money laundering and terrorist financing watchdog that include failure to take action against two of India's most wanted terrorists Jaish-e Mohammad chief Maulana Masood Azhar and Jamaat-ud-Dawah head Hafiz Saeed.

Azhar and Saeed are most wanted terrorists in India for their involvement in numerous terrorist acts, including 26/11 Mumbai terror attacks and bombing of a CRPF bus at Pulwama in Jammu and Kashmir last year.

Pakistani news outlet Dawn quoted an official source who claimed that Pakistan had complied with the remaining six recommendations and has submitted relevant details to FATF secretariat.

The paper, quoting a journalist covering the FATF said that some European countries, especially the host France, had recommended to the FATF to continue to keep Pakistan on the grey list and had taken the position that not all points had been fully implemented by Islamabad.

Other European countries are also supporting France, he said.

France was not happy with the recent response of Islamabad on the cartoon issue, he said.

Pakistan has not even posted a regular ambassador in Paris, he said, adding that diplomatic and economic relations between the two countries were not up to the mark.

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The US has also expressed concern over the acquittal the accused in American journalist Daniel Pearl's kidnapping and murder case.

It is feared that the US may also lobby for continuation of Islamabad on the grey list at least until June this year.

Pakistan's Supreme Court last month ordered release of British-born al-Qaeda terrorist Ahmed Omar Saeed Sheikh and his three aides in the 2002 Pearl murder case, a judgement denounced by the American journalist's family as "a complete travesty of justice." There was a major global uproar against the court decision.

(With PTI inputs)

Financial Action Task Force (FATF), the global terrorism watchdog is likely to continue to keep its eyes on Pakistan as it is unlikely to take it out of the 'grey list', said a news report.

Financial Action Task Force (FATF), the global terrorism watchdog is likely to continue to keep its eyes on Pakistan as it is unlikely to take it out of the 'grey list', said a news report. FATF keeps global money laundering and terrorism financing under check. FATF placed Pakistan on 'grey list' in June 2018 and asked it to implement a plan of action to curb money laundering and terror financing by the end of 2019. FATF 's virtual plenary meeting is set to begin today (February 22). It will go on till February 25. A decision is likely to be taken on the fate of Pakistan in this meeting. In the last plenary held in October 2020, the FATF concluded that Pakistan will continue in its 'grey list' till February 2021 as it has failed to fulfil six out of 27 obligations of the global money laundering and terrorist financing watchdog that include failure to take action against two of India's most wanted terrorists Jaish-e Mohammad chief Maulana Masood Azhar and Jamaat-ud-Dawah head Hafiz Saeed. Azhar and Saeed are most wanted terrorists in India for their involvement in numerous terrorist acts, including 26/11 Mumbai terror attacks and bombing of a CRPF bus at Pulwama in Jammu and Kashmir last year. Pakistani news outlet Dawn quoted an official source who claimed that Pakistan had complied with the remaining six recommendations and has submitted relevant details to FATF secretariat. The paper, quoting a journalist covering the FATF said that some European countries, especially the host France, had recommended to the FATF to continue to keep Pakistan on the grey list and had taken the position that not all points had been fully implemented by Islamabad. Other European countries are also supporting France, he said. France was not happy with the recent response of Islamabad on the cartoon issue, he said. Pakistan has not even posted a regular ambassador in Paris, he said, adding that diplomatic and economic relations between the two countries were not up to the mark. Also Read | Pakistan slams France's anti-radicalism bill, warns of 'serious repercussions' The US has also expressed concern over the acquittal the accused in American journalist Daniel Pearl's kidnapping and murder case. It is feared that the US may also lobby for continuation of Islamabad on the grey list at least until June this year. Pakistan's Supreme Court last month ordered release of British-born al-Qaeda terrorist Ahmed Omar Saeed Sheikh and his three aides in the 2002 Pearl murder case, a judgement denounced by the American journalist's family as "a complete travesty of justice." There was a major global uproar against the court decision. (With PTI inputs)

FATF set to decide Pakistan's fate in money laundering and terror financing

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China unhappy as US puts Chinese companies on trade blacklist

In setback to Imran Khan, Pakistan stays in FATF ‘grey list’, given June deadline to implement action plan

FATF set to decide Pakistan's fate in money laundering and terror financing